By Emma Ujah, Abuja Bureau Chief
ABUJA—The Federal Government yesterday, reassured that Nigeria is financially sound and has been meeting its local and international financial obligations despite dwindling revenues from crude oil exports. The assurance came from Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala.

The minister, who gave the assurance at a crowded press conference in Abuja, said: “Despite the dwindling revenue of the nation due to falling crude oil prices and decrease in output, the nation is not broke, as feared in some quarters”.

There have been concerns that the consistent fall in accruals to the federation account in recent months could jeopardize implementation of the 2014 budget but, the minister said in Abuja that contingency plans were being put in place to forestall any immediate adverse effect on the budget.

“Nigeria is a country that is dependent on one commodity (oil) and that commodity is dependent on how much the buyers want to buy. We had a yo-yo kind of expenditure pattern before 2003 but after that even when there was a fall in the price of crude from $140 to about $35 or $38 between 2003 and 2008, our economy remained stable because we had accumulated about $22 billion in the Excess Crude Account.


Okonjo-Iweala
“It is the same thing now. We may have to cut down on some of our expenditure. We may have to mobilize more revenue; we have to look at the fiscal policy; we have to look at the monetary policy — all of these have to come together and we are looking at them right now in the Ministry of Finance.

Continue reading http://www.vanguardngr.com/2014/10/nigeria-broke-says-okonjo-iweala/

[size=15pt]"...our economy remained stable because we had accumulated about $22 billion in the Excess Crude Account"[/size]

Q.E.D

The economy didn't crash when oil price crashed in 2014. It took almost 2 yrs for us to feel its effects, so what is our textbook heavyweight saying?

Oh please shut the fvck up!!

You left virtually nothing in the excess crude account !!!

OK

Tell them Madam. Useless APCists...blaming everything on oil price!

Sibrah:
The economy didn't crash when oil price crashed in 2014. It took almost 2 yrs for us to feel its effects, so what is our textbook heavyweight saying?

She is saying oil price does not crash the economy, it is the management that crashes it.

Remember even if he present NEPA bill as certificate you will still vote?

That NEPA bill certificate can crash the economy like it did in 1985.

Tell them madam- that there were not mindless and satanic Looting.

That ckuelessness was just at its infancy.

They haven't sold out our economy into the hands of the likes of otedola, et al budgeting trillions on subsidy.

Then there was still loads of money in foreign reserve from OBASANJO and Yaradu a

Becos OBJ accumulated $22 billion dollars in Excess crude account.

tucky200:
Oh please shut the fvck up!!

You left virtually nothing in the excess crude account !!!

Because APC heavy weights like Amaechi, Saraki, with the backing of APC strongman Tinubu, went to court to demand that GEJ government should share the excess crude oil account .

I guess you selectively forgot that part?

Naija9090:
Tell them Madam. Useless APCists...blaming everything on oil price!

Obasanjo left $22 billion dollar in excess crude account. That was why there was no crash. But PMB only met $2billion dolllar.

I think PMB is trying despite what d evil of GEJ govt

Many reasons
All to do with OBJ, soludo, Ekwesili, shamshudeen us an, El rufai.
Absolutely nothing to do with Iweala who was busy scamming the country.

tuale4u:


Obasanjo left $22 billion dollar in excess crude account. That was why there was no crash. But PMB only met $2billion dolllar.

I think PMB is trying despite what d evil of GEJ govt

Are you dumb, ignorant or both?
The reason PMB meet less funds , was because over $10 Billion dollars in the excess crude fund was shared between the governors. Who pressed for it to be shared? Rotimi Amechi, the man who would later become Director of Buhari's campaign. GEJ did not want the money shared out, Amechi and other governors even went to court to force the FG to share out the funds.Despite all this ignorant people like you still keep running your mouths blaming GEJ and Ngozi for everything.

bjdon:


Are you dumb, ignorant or both?
The reason PMB meet less funds , was because over $10 Billion dollars in the excess crude fund was shared between the governors. Who pressed for it to be shared? Rotimi Amechi, the man who would later become Director of Buhari's campaign. GEJ did not want the money shared out, Amechi and other governors even went to court to force the FG to share out the funds.Despite all this ignorant people like you still keep running your mouths blaming GEJ and Ngozi for everything.

Oga, lets not tell partial truth here.

1. the governors forum was pdp dominated even if you add the 5 govs that decamped to APC. Didnt they also push for it? Its myopic to blame only Amaechi.

2. There is a sharing formula, if the states refused to save theirs, did fg save theirs?

3. Agitating for the money to be shared is clearly an issue of trust. The govs did not trust that the executive wont touch the money, the returned Abacha loot comes to mind.
.

Naija9090:
Tell them Madam. Useless APCists...blaming everything on oil price!

mumu, how much did your ineffectua dunce(GEJ) save?

bjdon:


Are you dumb, ignorant or both?
The reason PMB meet less funds , was because over $10 Billion dollars in the excess crude fund was shared between the governors. Who pressed for it to be shared? Rotimi Amechi, the man who would later become Director of Buhari's campaign. GEJ did not want the money shared out, Amechi and other governors even went to court to force the FG to share out the funds.Despite all this ignorant people like you still keep running your mouths blaming GEJ and Ngozi for everything.

Before you label someone else dumb or ignorant, you need to look yourself in the mirror. 36 state governors asked for their share of the ECA funds because the FG/GEJ/NOI were deeping their hands into the funds and making illegal withdrawals without informing the states. Again, 36 governors (comprising of up to 25 from PDP) asked for their share and not Amaechi/APC like you chose to put it in this your weal attempt at playing the blame game.

Secondly, the FG's share of the ECA was 52% of the entire funds. Kindly tell us if it was also APC (which ironically hadnt even been created then) that pressed the FG/GEJ/NOI to 'eat' the about $11billion which was the FG's share?

We would love to hear your 'non-ignorant' opinion on this.

Gogetta:
mumu, how much did your ineffectua dunce(GEJ) save?

Typical yoruba...calling GEJ a dunce yet you are suffering under your Hausa-Fulani master...perpetual slave!

mekaboy:


She is saying oil price does not crash the economy, it is the management that crashes it.

Remember even if he present NEPA bill as certificate you will still vote?

That NEPA bill certificate can crash the economy like it did in 1985.

So if it is management that crashes economy and not fund, what do we make of the fact that NOI complained of harsher period ahead while she was still Minister of Finance/Economy coordinating minister? She just indicted herself in a bid to take a subtly malicious swipe at Buhari govt.

bjdon:


Are you dumb, ignorant or both?
The reason PMB meet less funds , was because over $10 Billion dollars in the excess crude fund was shared between the governors. Who pressed for it to be shared? Rotimi Amechi, the man who would later become Director of Buhari's campaign. GEJ did not want the money shared out, Amechi and other governors even went to court to force the FG to share out the funds.Despite all this ignorant people like you still keep running your mouths blaming GEJ and Ngozi for everything.

my dear friend, please I beg you in the name of jah, stop wasting your time quoting APshit Zombies, the will drag you down to their level and beat you with experience

For me, both APC and PDP benefitted from the excess crude oil account, the money obasanjo saved has been used to salvage the economy in 2008, the money GEJ saved has been shared by the last administration which includes fashola, amaechi, fayemi. They all killed nigeria

Sibrah:
The economy didn't crash when oil price crashed in 2014. It took almost 2 yrs for us to feel its effects, so what is our textbook heavyweight saying?

See the words she used. She was speaking hope, positivity, confidence etc. Never begging or speaking defeat.

The leader determine the direction of event by his/her words

tuale4u:
Becos OBJ accumulated $22 billion dollars in Excess crude account.

How much did obasanjo said Buhari met? Compared to what himself met in office.

tuale4u:


Obasanjo left $22 billion dollar in excess crude account. That was why there was no crash. But PMB only met $2billion dolllar.

I think PMB is trying despite what d evil of GEJ govt

Obasanjo said otherwise, that means APC sold us $2billion lies.

Okonjo is a shameless fool. God forbid!!

This explanation is no doubt meant for the consumption of the extremely gullible clap traps in our politicospere.

How much was our reserve balance then, and how much did Jonathan hand over to Buhari. If my memory serves me right, I could remember her claiming the economy didn't falter much back then because monies were taken from savings accumulated under Obj to prop up/defend the naira, sustaining imports and cushioning the over all effect of the fall in crude price.

Today, the story seems different.

When crude was still selling at over 70npb, didn't this clutterhead collect loans to pay salaries?? Today we are grappling with fast depleting reserves even though its mostly been deployed on very essential imports. Open the doors to all forex demands and see the economy completely capitulate in a matter of days.

There's a universe of difference between what obtained then and what we have now and this unrepentant IMF patsy know it.

Wish I could squeeze the jelly out of those thick lips so she can stfu for a second.

cktheluckyman:
GEJ left $30billion in the excess crude account. Please ignoramuses get your facts right

#Faints!!!

mekaboy:


She is saying oil price does not crash the economy, it is the management that crashes it.

Remember even if he present NEPA bill as certificate you will still vote?

That NEPA bill certificate can crash the economy like it did in 1985.

This is for low IQ , unemployed fools.
Deficit budgeting gets carried forward to increase National debt. The Naira value crashed sharply just before PDP left office.
I have said it again anybody who does not realise that the current economic conditions are the consequences of past mis management is a coward and a fool. What is the word management?
Management is proactive guidance of an economy for the future not to PATCH up the present. If Buhari were irresponsible, he could move questionable loans into the country, mortgage our future and destroy the future of the silly person posting this or his children. On top of everything, Nigerians own resources equal to about ten times the GDP of Nigeria and the Nigerian diaspora sends more foreign exchange than oil earnings as at last year. There is a lot that endurance, hardworking and patience can do but little that "flash" ideas can do.

tuale4u:


Obasanjo left $22 billion dollar in excess crude account. That was why there was no crash. But PMB only met $2billion dolllar.

I think PMB is trying despite what d evil of GEJ govt

GEJ left $30billion, even obasanjo confirmed it. APC lied

Why this woman de lie? If my memory serves me right, the price of crude did not go lower than $65 per barrel and the drop in price did not last long.

It is lies like this that makes APC remind PDP of their failures and then there is an outcry of apportioning blame.

Naija9090:
Tell them Madam. Useless APCists...blaming everything on oil price!

Crude oil did not crash for a long period it was for a few month and it bounced back https://en.m.wikipedia.org/wiki/Price_of_oil. Her royal book Ness supritended a decline for months before handing over to the new APC led government. She also supritended over borrowing when we were getting excesses from our budget. She was an absolute failure and should keep quiet and cover her head in shame.

Adminisher:

This is for low IQ , unemployed fools.
Deficit budgeting gets carried forward to increase National debt. The Naira value crashed sharply just before PDP left office.
I have said it again anybody who does not realise that the current economic conditions are the consequences of past mis management is a coward and a fool. What is the word management?
Management is proactive guidance of an economy for the future not to PATCH up the present. If Buhari were irresponsible, he could move questionable loans into the country, mortgage our future and destroy the future of the silly person posting this or his children. On top of everything, Nigerians own resources equal to about ten times the GDP of Nigeria and the Nigerian diaspora sends more foreign exchange than oil earnings as at last year. There is a lot that endurance, hardworking and patience can do but little that "flash" ideas can do.

Bro's don't strain yourself too much. The Gejites wants Nigerians to continue to have a bad time so that APC Government will fail. It is Nigeria that will continue to fail if the Buhari Government fails, again, it will not make GEJ president in the next elections.

Hope you know the difference between federal reserves and Excess Crude account. The total reserves left by Obasanjo was in the neighbourhood of $60 billion. Obj was taking about the federal reserves not ECA.

betterABIAstate:
GEJ left $30billion, even obasanjo confirmed it. APC lied

GEJ left $30billion in the excess crude account. Please ignoramuses get your facts right

9jatriot:
Hope you know the difference between federal reserves and Excess Crude account. The total reserves left by Obasanjo was in the neighbourhood of $60 billion. Obj was taking about the federal reserves not ECA.

what did Buhari do with the $30billion that he is travelling to china to borrow just $2billion smh

betterABIAstate:
GEJ left $30billion, even obasanjo confirmed it. APC lied

Why she come borrow over a billion dollars to pay salaries towards the end of the last administration's tenure